Aside from the traditional low to high fib drawing. I also utilize a high to high fib. These are my favorite set up. Here we have disney. 170 is the ideal entry zone with targets at 218. the 50% line has been respected multiple times which proves there is buyers at this level for now. long term target is 218. Stops below 162.
Next measured move.
50% retracement touch, break above 38.2%. Entry is retest of 50%. i took a position at $208. stops below $193. Pt is 310. Risk to reward around 1:6
i have a position on this stock from $29.19 and have stops below 24 just to give it some wiggle room since it has tagged the 61.8 before. i have targets at 79 but since it has never been that high before i will probably look to lock some profit in at previous highs and ride the rest to target if it happens. Set up is a traditional hwb all time low to all time...
ETH is in the same set up as my ada post. 50% touch, break of 38.2 with a retest of 50%. Profit target -23% Stops below 61.8. Keep in mind this is on a weekly time frame so may take some time to complete if it works. Although the entry has passed it is retesting the 38.2. and entry here can still give you a good risk to reward of at least 1:3.
After the completion of the previous -23 pt we draw our next set up. We grab the lowest point of the previous measured move to the highest point.We have tested the 50%, broken above the 38.2% and re test of the 50% is the entry with stops below the 61.8 and pt at the -23 which is 3.60 and 2nd profit target at 4.40. But it is best to take profit at the -.23 pt if...
My strategy is simple. Fibonacci retracement. test of the 50%. confirmation is break above the 38.2 and entry is the retest of the 50% line with stops just below the 61.8%. Main target is the -.23. First major correction in crypto provided a great entry on cardano.
